"15 September 2009" Archive

Public Notice No. 10/2009-2014, Dated: 15.09.2009

Public Notice No. 10/2009-2014 (15/09/2009)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.II), 2009-2014, as amended from time to time, amendments are made against SION entry at A-3483 as mentioned in ANNEXURE “A” to this Public Notice....

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Public Notice No. 9/2009-14, Dated: 15.09.2009

Public Notice No. 9/2009-14 (15/09/2009)

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14 and Paragraph 1.1 of the Handbook of Procedures (Vol.I), the Director General of Foreign Trade hereby makes the following amendments/corrections in the Handbook of Procedures, Vol. 2, 2009-2014, as amended from time to time....

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Notification No. 69/2009 – Income Tax Dated 15/9/2009

Notification No. 69/2009 - Income Tax (15/09/2009)

Notification No. 69/2009 - Income Tax It is hereby notified for general information that the organization Sastra University, Chennai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (s...

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Notification No. 68/2009 – Income Tax Dated 15/9/2009

Notification No. 68/2009 - Income Tax (15/09/2009)

Notification No. 68/2009 - Income Tax It is hereby notified for general information that the organization Sri Aurobindo Society, Kolkata has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 196...

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Benefit of reduced penalty under provisos to Section 11AC- whether also available at appeal stage- reg.

Circular No. 898/18/2009-Central Excise (15/09/2009)

A case has been brought to the notice of the Board wherein a Commissioner (Appeals) had allowed the benefit of proviso to Section 11AC of the Central Excise Act, 1944 to pay penalty at the reduced rate of 25% within 30 days of the communication of the Order in Appeal. Commissioner (Appeals) has read Section 11AC and Section 35 F together ...

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Circular No. 116/10/2009 – ST dated 15th September 2009

Circular No. 116/10/2009 - ST (15/09/2009)

On a reference being received by the Board, two following issues were examined for a clear understanding of facts. The first is regarding leviability of service tax on construction of canals for Government projects....

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Amends Notification No. 36/2001-Customs Duty (N.T.), Dated: 03.08.2001

Notification No. 144/2009-Customs (N.T.) (15/09/2009)

Note: - The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 (S. O. 748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 131/2009-Customs (N.T.), dated, the 31st August, 2009 (S. O. 2209 (E) dated 31st Augu...

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Common reasons for non receipt of confirmation or rejection of your IT Return

After filing returns online and posting it to the newly set-up Bangalore processing centre, if you haven’t got an email receipt from the income-tax department, your returns could have been rejected. The I-T department email receipt may not come to your email box for reasons you cannot comprehend....

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Posted Under: DGFT |

TPAs may deduct tax from hospital bills paid for treatment of subscribers in cashless systems

THIRD Party Administrators (TPAs), which process health insurance claims and make payments to hospitals for treatment of subscribers in cashless systems, may soon have to deduct tax from the payments they make to hospitals. The apex direct tax body, Central Board of Direct Taxes (CBDT), is likely to issue a directive to this effect, said...

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Posted Under: DGFT |

Taxability of Pick-Up and drop facility provided by employers?

M/s. Transworks Information Services Ltd. Vs The Income tax Officer (TDS) [ITAT Mumbai 'E' Bench]

PICK-UP and drop transport facility provided by employers is not a perquisite and hence not liable to tax, according to a recent ruling by a tax tribunal. In a decision that has implications for the sectors such as BPO and IT, the Mumbai Income-Tax Apellate Tribunal (ITAT) has held that companies providing such a facility were not liable...

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CIBIL frequently asked questions (FAQ) and answers

Q.1 What is CIBIL? CIBIL – India’s first credit information bureau- is a repository of information, which contains the credit history of commercial and consumer borrowers. CIBIL provides this information to its Members in the form of credit information reports....

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Posted Under: DGFT |

Interest under section 234A, B and C are mandatory in nature and no discretion is vested in the Assessing Officer

Dr. R. P. Patel Vs CIT (Kerala High Court)

Question Nos. 10 and 11 pertain to assessee's challenge against levy of interest under section 234B of the Act for non-payment of advance tax. The assessee has relied on the decision of the Supreme Court in CIT V. RANCHI CLUB LTD., 247LT.R, 209 and decision of the Delhi High Court in CIT v. INCHCAPE INDIA (P) LTD., ...

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What is to be assessed as income from lottery is only the actual income received and not any notional income

M. K. Raghu Vs ACIT (Kerala High Court)

Even though standing counsel for the department contended that if the Director of Lottery has made unauthorised deduction it is for the assessee to pursue his remedy elsewhere, we do not think that the assessee can be expected to recover this amount through the litigation against the State Government On the other hand we feel that if the...

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If assessee is able to cure the defect in the Return then it will be valid return otherwise it will be invalid

Morgan Stanley Asset Management Inc. Vs DCIT (ITAT Mumbai 'L' Bench)

The entire focus in the present appeal is to decide whether the returns filed by the assessee were valid or invalid or defective. Whereas the AO, on observing that the return was not properly verified in as much as it was not signed by the right person, declared it to be invalid and non-est. He further intimated the assessee vide para 5 o...

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Complain to SEBI must contain person sought to be arraigned was in charge of the affairs of the company

SUMMARY OF CASE LAW Mere allegations contained in a line or two against the directors without specifying the violative act committed by any of the directors would not suffice to make the directors offenders so as to summon them for the offences under SEBI Act; mere bald averments in the complaint do not make the […]...

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Posted Under: DGFT | , ,

Voluntary retirement compensation and chargeability to tax if payment is stretched over a period of years

ITO Vs Dhan Sai Srivas (Chhattisgarh High Court)

Benefit in lieu of salary payable to an employee opting for voluntary retirement is exempted from being charged to tax to the extent of Rs. 5 lakhs by reason of section 10(10C); even if the payment is stretched over a period of years, the same would not become chargeable to tax in any subsequent assessment year...

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Assessee entitled to Cenvat credit on inputs utilized in the generation of electricity to the extent to which they are using the produced electricity within their factory

Maruti Suzuki Ltd. Vs CCE (Supreme Court of India)

The definition of input brings within its fold, inputs used for generation of electricity or steam, provided such electricity or steam is used within the factory of production for manufacture of final products or for any other purpose....

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